Correlation with oil and gold | 09 April 2019
09 April 2019, EUR/USD
EURUSD trading plan:
The uptrend in the oil and gold market will have a positive impact on the value of the Euro. The European currency has a direct correlation with commodities. Investors buy oil amid geopolitical tensions in Libya and Venezuela. Oil is trading at the highest level in the last five months. About 40% of North African country's production of about 1 million barrels per day has fallen under the control of Libyan National Army chief Khalifa Haftar. Libyan oil stockpiles likely fell by 830,000 barrels in the week. This is a positive signal for the Euro!
Trading recommendation: Buy 1.1250 and take profit 1.1291.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
